Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

March 1		Inventory	110 units @ $34
5		Sale	88 units
11		Purchase	122 units @ $38
21		Sale	102 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.

a. Cost of merchandise sold on March 21	$
b. Inventory on March 31	$